Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2016

Property Tax Annotations

200.0000 BASE YEAR VALUE TRANSFER

(b) BASE YEAR VALUE TRANSFER – GOVERNMENT ACQUISITION

Annotation 200.0317

200.0317Claim. The time period for requesting a transfer of assessed value from a property taken by eminent domain to a replacement property is the later of four years from the date the owner vacates the taken property or the date the final date of condemnation is recorded. More than one property may qualify as a replacement if the property taken was put to multiple uses e.g., commercial and residential.

If more than one replacement property is purchased, the value of both will be considered in determining whether their value exceeds 120 percent of the amount paid for the taken property. When the amount paid by the taking governmental agency is augmented by a court award, the total amount received by the former owner is used when applying the 120 percent test. If replacement property is purchased prior to the determination of the total award and is assessed as exceeding the 120 percent limitation, it should be revalued and a refund made, if appropriate. C 9/30/1987.

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